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  1. 2 Kozgazdasagi Szemle (Economic Review)

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  1. 2 Matyas A.

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  1. 1 2005

  2. 1 2004

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1

General analysis of the new Austrian school

100%
Matyas A.
Kozgazdasagi Szemle (Economic Review)
|
2004
|
vol. 51
|
issue 10
936-947
EN
The study sets out to give a clear, comprehensible, systematic account of the teachings of the founders of the new Austrian school: Mises, Hayek, and its present leading figure, Kirzner. The new Austrian economists do not follow their Neoclassical peers in focusing on equilibrium price. Their concern is with the market processes maintained endogenously and kept in ceaseless motion by resourceful, innovative, creative entrepreneurs. The conditions for their activity are not prior conditions; the entrepreneurs themselves strive to acquire the knowledge required for their economic decisions, through trial and error. They exploit price differences caused by imperfection in the discernment of agents on local markets, shape consumer preferences, and introduce new production techniques. Entrepreneurs are pushed into ceaseless innovation to gain advantage in their competitive battles. New knowledge displayed by resourceful entrepreneurs then spreads slowly through the operation of the price mechanism, obliging market agents to make ceaseless adjustments and keeping the market in continual motion. The study compares Neoclassical and New Austrian teachings, identifying the new ideas and the shortcomings in the latter: market order and regularities can be explored only on the level of current knowledge, not in the economy in ceaseless motion.
2

Gyula Kautz, a great exponent of modern Hungarian economics, born 175 years ago

100%
Matyas A.
Kozgazdasagi Szemle (Economic Review)
|
2005
|
vol. 52
|
issue 6
613-622
EN
The cameralism of Sonnenfels was on the compulsory economics syllabus of Hungarian colleges in Gyula Kautz's student days, right up to the 1850s. But Kautz as a teacher broke with cameralism and placed the German historical school on theoretical foundations. When Kautz joined it, the German historical school counted as a modern school of economics. The study presents its main characteristics. Influenced by the school, Kautz starts his examination not the individual, but from society, prompted not just by selfinterest, but by a 'well-conceived interest' that encompasses general condition, philanthropy and morality as well. Where this is absent, he argues, a guiding hand from above - the regulatory function of the state -is required. This takes the place in Kautz of Adam Smith's invisible hand. In rejecting the abstraction method, Kautz strays in his research into economic laws. But he points to attributes of economic activity ignored by the dominant schools of the day, by not confining his ideas to the rigid logical frames of economic systems intent on seeking laws and by considering factors that an economist must ignore during abstraction. He puts before us a lively account of the actors in the economy and consequent economic processes. Kautz takes account of the historical development of economic processes and the effect of institutional factors on the economy. The study shows the influence of Kautz on some prominent later Hungarian economists and the similarity of his conclusions to t hose of important economists today.
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